New tax credits coming.

HawaiiEV said:

Gotta balance the credit against the at least 1% tax increase. So it’s more like $6500. Then there’s the inflation tax, which will likely find its way into the final price of the Silverado EV. Realistically it will end up costing more even after the tax credit.

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Yep, most of these broadly available government to consumer incentives typically go to the seller's margin (since a franchise is involved, it'll be the combination of the dealership and GM). Auto sales are all about net pricing... the automaker and the franchise will simply raise prices so the net pricing is almost the same as without the incentive.

You can see this effect at the Federal level with the investment tax credit on solar before the recent legislation. The old rules had the incentive dropping from 30% to 26% and then to 22%. The major solar installers simply adjusted their pricing so the net impact to the consumer after the rebate was a wash.

And at the state level, there are rebates for home battery storage as well as the "energy upgrade California" program from a few years ago. Typically sellers simply priced up to claim most of the rebates when the rebates were broadly available. The consumers ended up paying the same, but the sellers got to make more money.

Sellers have a hard time price discriminating to claim the rebates if the rebate is tough to get from the government. Such as California providing select individuals in fire prone regions with free battery backup storage. Or certain housing having subvented mortgages for low-income folks. It's tough for sellers to price up when only very select cohorts get the rebate, so these targeted rebates are more effective at accomplishing their goals.

But since the only requirements for the new EV tax credit are to buy an EV under a certain amount + make below a certain amount of income, it's easy for GM to to just raise pricing. You should expect to see base/low-content versions with raised pricing to be at $79,995 and the rebate means a customer "only pays" $73,495 for a truck that probably would have the same w/out the rebate in play.